North Korean hackers are progressively refining their targets, methodologies, and strategies for money laundering within the industry.
Hacker groups affiliated with North Korea have become highly active in the digital asset space, relentlessly pilfering funds. Despite a decrease from the record-breaking numbers of 2022, the “hermit kingdom” has continued to concentrate on the cryptocurrency landscape this year.North Korea’s Crypto Heistsby local media outlet Asia Today, South Korea’s National Intelligence Service, in the first six months of the year alone, North Korea has illegally amassed nearly $180 million in the process.
More recently, Estonian crypto-payments service provider CoinsPaid also found that the notorious Lazarus spent six months tracking and studying the platform before finally attacking in July. Euler Finance, Atomic Wallet, and Axie have all fallen victim to malicious North Korean entities targeting the digital assets space.
“North Korea’s early exploits – which tend to involve the direct use of cryptocurrency exchanges – now feature highly complex, multi-stage money laundering processes in response to more aggressive OFAC sanctions, law enforcement focus, and improved tracing capabilities.”Throughout 2023, North Korea continued to develop nuclear weaponry and produce nuclear missile material evading United Nations sanctions designed to sever funding for Pyongyang’s nuclear and ballistic missile initiatives.
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